Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,102/mo
Lowest payment- Down payment
- $40,998
- Funds due
- $52,352
- Interest + MI left
- $475,162
- First ends
- Mar 2054
New loan
New conventional
$3,114/mo
+$12/mo- Down payment
- $41,500
- Funds due
- $50,646
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,002 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,472.05 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $176.86 | $74.70 |
| Taxes, insurance & HOA | $453.58 | $453.58 |
| Total housing payment | $3,102.49 | $3,114.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,998
Closing costs & prepaids$11,354
Usable credit−$0
Total buyer cash needed$52,352
Earnest money paid−$0
Remaining funds due$52,352
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$625.75
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$67.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 4 moOf the original 30-year loan at 6.630%
Interest already paid$67,236Through Nov 2026
Assumption only · ends Mar 2054$475,162
New conventional · ends Dec 2056$566,438